“In order to survive, thrive, and fulfill your purpose, you need a plan.” Janelle Lara (11:22 - 11:42)

Is your business economically sound?

A recession is coming, whether you like it or not. When it does, only the strongest will survive. Here’s your small-business owner's survival plan for the coming recession. 

Dan Nicholson, known as the Unconventional Accountant, is the CEO of Nth Degrees CPAs. He’s been preparing for the inevitable ever since the recent inversion of the yield curve, and now he wants to help you. 

“If you’re trying to start a business, money cannot be priority number one out of the gate. Otherwise, you’re setting yourself up for failure.” - Dan Nicholson (18:23 - 18:32)

Get a survival plan in place before the economy collapses.

You might think your business is strong enough to withstand the coming recession. But let’s review what makes a start-up business recession-proof. 

Three Elements to Focus on When Starting Your Business:

1. Your Lowest Tolerable Salary. Making lots of money shouldn’t be your priority. You’ll just be setting yourself up for failure. Instead, figure out the least amount of money you need to make to cover all your bills.
2. Operations & Self-Development. As profits finally roll in, you may be tempted to splurge on unnecessary items. Instead, invest in the tools that widen your expertise, mature your business, and accomplish your long-term goals.
3. Lift-off. Now you’re ready to launch. The foundation is now set for you to focus on realistically increasing your revenue. 

Two Ways to Prepare for the Recession:

1. Get a line of credit. Banks tighten up their lending when the economy is crashing. Go out and get a line of credit locked in now while everything is still peachy.
2. Put together a “plus and minus” list. Are there things you want to add and subtract in your business? Maybe you want more talent on your team? Or perhaps there are some vendors you could cut? Don’t wait to make those improvements.  Start taking action now. 

“The businesses that are prepared for the recession will dominate.” 

- Dan Nicholson (37:04 - 37:11) 

A recession is inevitable, and many businesses won’t survive. But yours can. This week, use Dan’s expertise to triple-check the security of your business. 

Make the necessary adjustments so your business has the fighting chance it deserves. You don’t have to be a sitting duck. Prepare for the worst so you can guarantee the best. 

How to get involved

• Follow @theparttimeceopodcast on Instagram for special, podcast-related updates!
• For more resources, information on my coaching services, and a whole community of Part-Time CEOs, find me on Facebook at Janelle Lara, my website, or email me at [email protected]. 
• Interested in learning more tricks of the accounting trade from Dan Nicholson? Request a Profit Priority Workbook! 
• For more on how to recession-proof your business, click HERE. 

If you liked this episode, be sure to subscribe and leave a quick review on iTunes. It would mean the world to hear your feedback and we’d love for you to help us spread the word!